BOB(601169) 中泰证券·2024-05-14 02:13Investment Rating - The investment rating for Beijing Bank is "Accumulate" (maintained) with a market price of 5.68 [1]. Core Insights - In Q1 2024, Beijing Bank's revenue increased by 7.9% year-on-year, and net profit attributable to shareholders grew by 5.0%, indicating a significant improvement in revenue growth and a marginal increase in net profit growth [4][6]. - The bank's net interest income rose by 1.9% year-on-year, with a notable increase in non-interest income by 27.2%, primarily driven by other non-interest income sources [4][6]. - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.31%, down 1 basis point from the previous quarter, and a significant decrease in the annualized NPL generation rate [16][17]. Summary by Sections Financial Performance - Total shares outstanding: 21,143 million [2]. - Market capitalization: 120,092 million [2]. - Revenue forecast for 2024E is 68,668 million, with a growth rate of 3.0% [4]. - Net profit forecast for 2024E is 27,236 million, with a growth rate of 6.3% [4]. Revenue and Profitability - Q1 2024 revenue growth of 7.9% and net profit growth of 5.0% [4][6]. - Net interest income for Q1 2024 decreased by 0.2% quarter-on-quarter, with an annualized interest margin of 1.49% [5][9]. - Non-interest income increased by 27.2%, with net fee income down by 16.1% [13]. Asset and Liability Management - Loan growth in Q1 2024 was strong, with new loans of 1,044.5 billion, a year-on-year increase of 26.9 billion [10]. - Deposits increased by 5.3% quarter-on-quarter, with a total increase of 1,102.1 billion in Q1 2024 [10][11]. Asset Quality - The NPL ratio improved to 1.31%, with a quarterly decrease in the annualized NPL generation rate to 0.69% [16][17]. - The provision coverage ratio stood at 213.13%, down 3.65 percentage points from the previous quarter [16]. Shareholder Dynamics - Major shareholders include Beijing State-owned Assets Management Co., which increased its stake to 8.92% [18][19]. - The current stock price corresponds to a projected PB of 0.46X for 2024E [18].